... but it didn't get any better after USDA's S&D Report, either. Old-crop carryover was unchanged at 7.1 million bales. Estimated global cotton carryover was upped slightly from March and is now expected up a whopping 34.3% from year-ago levels. ...
USDA cut 400,000 bales from estimated 2004-05 cotton carryover thanks to a 100,000-bale increase in estimated domestic use and a 300,000-bale increase in estimated exports. Still, carryover is expected to be huge at 7.3 million bales. [GRAPHIC OMITTED] ...
Corn carryover at the end of the 2004-05 marketing year is expected to tally 1.96 billion bushels. However, USDA's estimate of feed & residual use may be a little high and carryover may push past 2 billion bushels. Bean carryover is...
It's undeniably clear traders consider corn carryover above 1.8 billion bu. "burdensome." So, even with a national average corn yield at just 139.2 bu. per acre, USDA's 2005-06 carryover estimate of 1.9 billion bushels is still the dominant fundamental. At that level, new-crop carryover isn't high...
Global wheat carryover was U.S. Cotton Carryover forced higher from November after USDA upped crop estimates for Argentina and Canada. [GRAPHIC OMITTED] U.S. and global wheat carryover ... Global wheat carryover was U.S. Cotton...
USDA surprised the market by lowering its exports estimate and raising carryover February 9. Traders had been anticipating an increase in soybean usage crush and a small decline in carryover. USDA also raised its soybean carryover figure even thoug USDA surprised the market by lowering its...
A 2.3-million-bale rise in carryover is never a bullish thing for cotton. But it could have been worse. The bigger-than-expected cotton crop prompted USDA to up usage by 800,000 bales. But that wasn't enough to keep carryover from closing in on 6 million bales. Export demand...
Yes, bean carryover is up from the squeaky-tight 2003-04 mark, to 190 million bushels. But USDA trimmed 20 million bu. each from exports and crush to push carryover ... Yes, bean carryover is up from the squeaky-tight 2003-04 mark, to 190 million bushels. But...
Corn--USDA upped estimated 2005-06 corn exports 50 million bu., to 1.9 billion bushels. That increase in demand was taken straight off the bottom line, dropping carryover to 2.351 billion bushels. That puts the U.S. stocks:use ratio at a still-too-heavy 21.6%. Despite a drop in...
USDA upped estimated 2004-05 soybean exports 20 million bu. in the May 12 Supply & Demand (S&D) Report and stripped all 20 million bu. from estimated old-crop carryover. That puts old-crop stocks at a still-hefty 355 million bushels. The surprise came in new-crop carryover,...
Cotton futures failed to show a sharp negative reaction to USDA's bigger-than-expected domestic carryover estimate. That signals traders know carryover is burdensome and are no longer concerned with the actual figure. But hefty carryover will limit upside potential unless export demand is very strong. ...
Corn -- USDA made no changes to the Global Corn Carryover Supply & Demand (S & D) table for corn in its March 9 update. That left the corn carryover estimate at 752 million bu. for the third consecutive month. This leaves the U.S. stocks-to-use ratio at...
USDA's first survey-based estimate put 2005 wheat production at 2.208 billion bushels. That 68-million-bu. rise from June moved straight to new-crop carryover, pushing it to 700 million bushels. While new-crop wheat carryover is projected belo USDA's first survey-based estimate...
Friday morning's USDA Supply & Demand Report gave market bears more courage to target contract lows at $2.02 in May futures. U.S. carryover was driven higher by a 50-million-bu. cut in exports (to 1.8 billion bu.); a 75million-bu. cut in estimated feed & residual use; and...
Soybean carryover at 180 million bu.--below 200 million bu., but above 150 million bu.--with bean prices in the $6.50 to $7.00 range is neither bullish nor bearish. Simply put, the trade has done a good job of discovering a "fair price" for 2005-crop soybeans. For those...
USDA couldn't find enough "extra" use to keep the 65-millionbu. increase in production from pushing 2005-06 carryover above 200 million bushels. The September Supply & Demand Report saw USDA increase total bean use by 30 million bu. (20-million-bu. increase in estimated ...
But the good news is cotton carryover is expected to slip from year-ago levels, according to USDA's July Supply & Demand (S&D) Report. From June estimates, USDA upped new-crop cotton carryover to 6.7 million bales due to a 500,000-bale-cut But the good news...
USDA cut estimated 2005-06 soybean exports 10 million bu., pushing bean carryover to a new record high. (Details of Friday morning's S&D Report are on News page 4.) Globally, bean carryover is about equal to one year's worth of Brazilian bean production. It's a huge supply...
